“… we are in active discussion with NIOC (National Iranian Oil Company) to develop two oilfields, Ab-Teymur and Mansouri, in Western Iran. We have proposed detailed plans of how we would develop those fields and are expecting to be awarded a contract …

“The final version of IPC (Iran Petroleum Contract) is yet to be approved. Once that it is done, we believe that the contract signing will commence which is expected to be in second half of this year or early 2018. We are very much hoping to reach agreement that would enable us to sign contracts.”